DOGE Eyes Wall Street as ETF Momentum Builds
21Shares, a leading digital asset management firm, has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin ETF, marking the latest attempt to bring the iconic memecoin into the regulated investment mainstream.
According to the firm’s April 9 Form S-1 filing, the ETF would track the spot price of Dogecoin (DOGE), the eighth-largest cryptocurrency by market cap at roughly $24.2 billion. While still awaiting a 19b-4 filing to trigger the SEC’s formal review process, the move follows similar filings by Bitwise and Grayscale, reflecting a surge in interest around novel crypto-backed products.
“Issuers will try to launch many different things and see what sticks,” said Bloomberg ETF analyst James Seyffart, characterizing the trend as a “spaghetti cannon approach” under the SEC’s evolving leadership.
NEW: @21Shares Files for a spot Dogecoin ETF
(joining Grayscale & Bitwise) pic.twitter.com/o0MAli4SMQ
— James Seyffart (@JSeyff) April 9, 2025
Coinbase Custody, House of Doge Join the Push
Coinbase Custody has been named as the proposed custodian for the ETF, though listing venue, ticker symbol, and fee structure remain undisclosed in the U.S. filing.
What makes 21Shares’ Dogecoin ETF unique is its partnership with the Dogecoin Foundation’s commercial arm, House of Doge, which will assist in marketing and community engagement—an unusual but perhaps strategic move given Dogecoin’s origins as a grassroots-driven digital asset.
Created in 2013 as a parody of Bitcoin, Dogecoin has evolved from a joke to a cultural phenomenon, largely due to support from public figures like Elon Musk and its widespread visibility in meme culture and online communities.
International Momentum: DOGE ETF Hits Swiss Market
The U.S. ETF filing coincided with the launch of a fully-backed Dogecoin exchange-traded product (ETP) on Switzerland’s SIX Swiss Exchange, where it trades under the ticker “DOGE” with a 2.5% fee.
This product marks the second major DOGE-linked listing for 21Shares and signals growing confidence in the memecoin’s appeal beyond American borders.
“Dogecoin has become more than a cryptocurrency: it represents a cultural and financial movement,” said Duncan Moir, President of 21Shares.
“DOGE offers investors a regulated avenue to be part of this exciting project.”
Meme Hype Meets Regulatory Reality
While Dogecoin remains inherently volatile and critics question its lack of technical development compared to rivals, ETF analysts believe regulatory approval is within reach. Seyffart and Eric Balchunas estimate a 75% chance the SEC approves a spot DOGE ETF in 2024, while crypto prediction market Polymarket currently puts approval odds at 64%.
This level of confidence reflects not just optimism about DOGE’s cultural cachet, but broader expectations that the SEC under Paul Atkins may be more open to non-traditional crypto products following its shift away from strict enforcement-led oversight.
Final Thoughts: DOGE Dares to Go Institutional
The move by 21Shares to file for a spot Dogecoin ETF adds another layer to the evolving relationship between meme culture and traditional finance. What began as internet humor is now being shaped into regulated financial instruments, backed by major custodians and global asset managers.
As crypto continues to blur the lines between speculation, community identity, and financial productization, DOGE may soon serve as a test case for whether cultural capital can translate into long-term investable value.
Whether the SEC embraces the meme—or pushes back—will set an important precedent for how far crypto’s experimental edge can go in Wall Street’s regulatory framework.
